All Forum Posts by: David Lucas

Hello Mike - 

I am invested in the Columbus market. Feel free to email through BiggerPockets anytime. 

Best,

David

Good luck Chase. I highly recommend listening to every single episode of the Bigger Pockets podcast. 

Best,

David

Welcome Maurice. If you have any buy and hold questions, feel free to reach out. 

Best,

David

Hi Ram - Just wondering how everything turned out? Also, curious to know whom was previously mismanaging your property?

Best,

David

Good luck, Steve. Sounds like a great deal, solid cap rate and great neighborhood.

Best,

David 

Hi Sean - Great question. Moving to the another city has it's benefits, besides the obvious, finding homes that cash flow nicely, it may also be easier to secure financing if your local, some portfolio lenders only loan to local residents. What's more, you could qualify for an FHA loan, which could get you started with little money down. In terms, of the right market, you have to do your homework, look at population growth, business growth, job growth, unemployment rate, and the number of building permits issued for the past 3-5 years. Most importantly, can you and your wife find a job, if yes, would you be making the same amount as you currently earn? If not, it may make sense to stay in CA and buy-out-of-state. If you decide to go this route, find a property manager before you do anything else. Before you find an agent, before you look at any homes. Ask for references, at least 3, and check each one. As an out-of-state investor, this will be your most important hire. Good luck!

I recommend comparing non-section 8 rental comps to the value of a section 8 voucher. In some cities, non-section 8 market rents are LOWER than the value of a section 8 voucher. In said instance, if you were to accept section 8 tenant(s), your cap rate could spike!—especially if you have a multi-family or host of single family homes. In this scenario, it really wouldn't matter much if they allowed you to increase 3% each year, as you would already be making $100 more per door than the non-section 8 tenant.  I also suggest talking to several property managers in each city on section 8 vs. non-section 8. Get multiple opinions. Good luck! 

Hi Steve -

Nothing in Pittsburgh yet, I am mostly focused on the midwest right now. 

Thanks for reaching out. 

Best,

David  

Hello All -

Looking to connect with an experienced and trust-worthy property manager in Charleston, WV. Any recommendations would be greatly appreciated!

Best,

David

Hello All -

Looking to connect with an experienced and trust-worthy property manager in Charleston, WV. Any recommendations would be greatly appreciated!

Best,

David